Oil prices rose as U.S. strikes on Iranian tankers and threats of stronger retaliation from Tehran intensified fears of further disruption around the Strait of Hormuz.

Brent crude futures climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT while U.S. West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72%.

Oil prices experienced a significant rise on Monday, following a spike in tensions between the US and Iran. The US struck three Iranian oil tankers in a bold move, while Iran…